Bitcoin’s price has seen a dramatic decline in recent weeks, dropping more than 30% since hitting its all-time high in early October. The asset recently reached a new low of $81,000 on Friday before rebounding. However, analyst Ali Martinez paints a grimmer picture, suggesting that the cryptocurrency’s true bottom could be far lower. According to Martinez, if Bitcoin falls below certain price levels (the green and blue Pricing Bands), another substantial drop of up to 50% might follow. These bands currently sit at $55,900 and $44,700 respectively. Beyond price action, the behavior of certain investors is also concerning. Notably, whales are actively disposing of large quantities of Bitcoin, contributing to a further decline in prices. Spot Bitcoin ETFs in the United States have also seen significant outflows over the past week, exceeding $1.2 billion. Additionally, a surge in BTC transactions for trading platforms suggests a potential increase in sell-offs. Finally, the report points to a sharp decrease in capital inflows into the broader crypto market, plummeting from $86 billion three months ago to just $10 billion. This downward trend suggests that Bitcoin might still be facing challenges and potentially not yet out of the woods.